Bank Of Baroda's Q4 Profit Shoots Up, Stock Zooms

Bank Of Baroda's Q4 Profit Shoots Up, Stock Zooms

Public lender Bank of Baroda said its standalone net profit for the fourth quarter ended March 2023 shot up 168% to ₹4,775 crore from a year ago, sending shares up 2%.

What Happened? The bank’s net interest income (NII) – the difference between the income a bank makes from its lending activities and the interest it pays to depositors – for the quarter grew 33.8% to ₹11,525 crore. The company also announced a dividend of ₹5.50 per share on the back of the strong results.

The bank said the sustained net interest income growth was due to year-on-year growth in advances of 18.5%, coupled with growth in net interest margins of 45 bps from last year to end the quarter at 3.53%.

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Meanwhile, the bank’s gross non-performing assets fell to 3.79% in the last quarter of the fiscal year, compared with 6.61% a year ago. 

Price Action: The stock climbed as much as 2.3% to ₹186.05 in afternoon trading.

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Posted In: EquitiesMarketsBank of Baroda